By Rebecca Melvin
Concord, N.H., May 7 – Emirates Telecommunications Group Co. PJSC (Etisalat) priced €1 billion of notes due in seven years and 12 years, according to a market source.
The €500 million tranche of 3/8% seven-year note priced at 99.738 to yield 0.413%, or a spread over mid-swaps of plus 53 basis points.
The €500 million tranche of 7/8% 12-year notes priced at 98.392 for a yield of 1.018%, or a spread over mid-swaps of plus 78 bps.
Order books were in excess of €6.8 billion, skewed toward the seven-year tranche at the time the launch was announced.
As previously reported, the notes are being sold under the company’s $10 billion euro medium-term note program (Aa3/AA-).
BNP Paribas, First Abu Dhabi Bank, HSBC and Societe Generale are joint lead managers and joint bookrunners of the Regulation S notes with Citigroup and Emirates NBD Capital also mandated as passive bookrunners.
The multinational telecommunications services provider is based in Abu Dhabi, United Arab Emirates.
| Issuer: | Emirates Telecommunications Group Co. PJSC
|
| Issue: | Notes
|
| Amount: | €1 billion
|
| Bookrunners: | BNP Paribas, First Abu Dhabi Bank, HSBC, Societe Generale, Citigroup and Emirates NBD Capital
|
| Pricing date: | May 6
|
| Settlement: | May 17
|
| Distribution: | Regulation S
|
| Expected issue ratings: | Moody’s: Aa3
|
| S&P: AA-
|
|
|
| Seven-year notes
|
| Amount: | €500 million
|
| Maturity: | May 17, 2028
|
| Coupon: | 3/8%
|
| Price: | 99.738
|
| Yield: | 0.413%
|
| Spread: | Mid-swaps plus 53 bps
|
|
|
| 12-year notes
|
| Amount: | €500 million
|
| Maturity: | May 17, 2033
|
| Coupon: | 7/8%
|
| Price: | 98.392
|
| Yield: | 1.018%
|
| Spread: | Mid-swaps plus 78 bps
|
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